>If you didn't lead investments and instead diversified substantially amongst late-stage companies, you could probably get sufficient overall exposure to the cl

>If you didn't lead investments and instead diversified substantially amongst late-stage companies, you could probably get sufficient overall exposure to the class so as to not be driven by the performance of individual companies. Oh that was the missing link. I forgot that you can "not lead" a round, allowing you to avoid committing too much of the fund in a given company. Thanks for pointing this out.